Finding 28457 (2022-002)

Material Weakness
Requirement
AH
Questioned Costs
-
Year
2022
Accepted
2023-02-03
Audit: 36571

AI Summary

  • Core Issue: Lack of review and approval for journal entries and cash disbursements, leading to potential financial inaccuracies.
  • Impacted Requirements: Internal controls must ensure that financial transactions are reviewed by someone other than the preparer.
  • Recommended Follow-Up: Implement a system to document and verify the review and approval of all financial entries and disbursements.

Finding Text

2022-002 Journal Entry and Cash Disbursement Review and Approval Information on the Federal Programs: Assistance Listing Number 93.959 Block Grants for Prevention and Treatment of Substance Abuse and Assistance Listing Number 93.276 Drug-Free Communities Support Program Grants (Direct Program). Pass-Through Entity: Central Florida Cares Health Systems, Inc. Pass-Through Award Number: BPC24. Direct Award Number: 5 NH28CE003046-02-00. Compliance Requirements: Activities Allowed or Unallowed and Period of Performance. Type of Finding: Material Weakness. Criteria: Internal controls over financial reporting should include processes that require journal entries and cash disbursements made to the accounting system of sub-ledgers be reviewed and approved by an individual other than the individual responsible for preparing the journal entry or cash disbursement. Condition and Context: There was no evidence of review and approval of journal entries or cash disbursements. Cause: Internal control policies, procedures, and/or best practices were not followed. Effect: Posting of improper journal entries or cash disbursements could be made without proper approval being completed. These costs could be required to be refunded to the government funding agency. Recommendation: We recommend the Organization document proper review and approval of all journal entries and cash disbursements.

Corrective Action Plan

2022-002 Journal Entry and Cash Disbursement Review and Approval: A General Ledger is run monthly and stored and shared on BPC?s Google Workspace Drive. The Executive Director and Director of Development review monthly. Documentation for journal entries is maintained by the Accounting Manager. The Executive Director or designee formally reviews the general ledger and journal entries monthly. The Executive Director and Director of Development retain administrative access to the QuickBooks account as an ongoing control measure. Corrective action plan documented in BPC?s organization?s operational financial guidelines that was completed September of 2022.

Categories

Subrecipient Monitoring Material Weakness Period of Performance Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

  • 28458 2022-002
    Material Weakness
  • 604899 2022-002
    Material Weakness
  • 604900 2022-002
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
93.959 Block Grants for Prevention and Treatment of Substance Abuse $677,943
93.276 Drug-Free Communities Support Program Grants $72,312